Jersey Competition Regulatory Authority: 2025 Annual Report and Accounts

Contents

This document sets out the Annual Report and Accounts for the period

1 January to 31 December 2025. It is presented to the Minister for Sustainable Economic Development (the Minister) pursuant to Articles 17 and 18 of the Competition Regulatory Authority Jersey Law 2001.

This document takes account of the Annual Reporting Best Practice Guide published by the Jersey Audit Office in 2025

Good Practice Guide to Annual Reporting.pdf

Further information on the work of the Jersey Competition Regulatory Authority is available on the website – www.jcra.je

Message From the Chair

I am delighted to present the Jersey Competition Regulatory Authority's Annual Report for 2025. The year reflects our unwavering commitment to strengthening Jersey's economy, ensuring tangible benefits for consumers and businesses, and delivering value for money. This year marked the twentieth anniversary of Jersey's Competition Law, a milestone that underscores the importance of fair competitive markets in driving innovation, investment, and consumer choice. Throughout 2025, we focused on strategic priorities that maximise impact while maintaining disciplined stewardship of resources.

Promoting Competition and Market Efficiency

During 2025 we modernised our competition regime, aligning guidance with international best practice, and completed a major review in the construction sector. Our proactive merger reviews and the introduction of a new business surveillance screening process safeguard fair pricing and competitive dynamics in key sectors.

We have worked with Government on amendments to the Competition Law to improve our review processes and provide the JCRA with appropriate tools to ensure competitive markets in Jersey.

Throughout 2025, we focused on  

strategic priorities that maximise  Regulating Strategic Infrastructure

impact while maintaining disciplined  We introduced a new port pricing regime for sea and air operations, ensuring efficiency for users stewardship of resources. while enabling Ports of Jersey to invest in connectivity, critical for economic resilience and growth. In postal services, we have maintained our oversight of Jersey Post's Universal Service Obligation

for letters, maintaining reliable delivery standards.

Message From the Chair

Telecommunications and Security

Telecommunications is also one of Jersey's strategic infrastructures. Our comprehensive telecoms market review was concluded alongside implementation of a new security law, reinforcing sector resilience and consumer protection. These measures support affordability and innovation in a rapidly evolving digital landscape.

Value for Money and Economic Impact

Every intervention is guided by our prioritisation principles, focusing on areas that deliver the greatest benefit to consumers and the economy. This disciplined approach ensures that we achieve maximum impact whilst using resources efficiently and effectively.

Collaboration and Future Outlook

Click to watch: Chair's 2025 Summary &  Our success depends on strong relationships with Government, industry, consumer groups, and

6 Year Retrospective international regulators. Together, we are shaping a regulatory environment that fosters investment, innovation, and sustainable growth. Looking ahead, we will continue refining our interventions to

meet emerging challenges and opportunities, ensuring Jersey remains competitive and connected. I was pleased to welcome Ed Daubeney to the board who has replaced Paul Masterton after eight years of excellent service with the JCRA. In July 2026, a new Chair will assume leadership. I am confident he or she will build on the progress we have made and continue to drive value for the future. I extend my sincere gratitude to our Board, our dedicated team and valued stakeholders for their support and collaboration throughout my six years as Chair.

Stephanie Liston

Chief Executive's Report

2025 was a year of forward momentum for the Jersey  Maintaining our independence is fundamental to being an

Competition Regulatory Authority. Every step we took was  effective regulator. Independence allows us to act in the

guided by a clear vision: to create markets that are fair,  long-term interests of consumers and the economy, free resilient, and ready for the future, while delivering exceptional  from undue influence. We pair this independence with

value for money. a commitment to operate in the most proportionate and

pragmatic manner possible, focusing our resources where

We strengthened trust in our digital infrastructure through  they deliver the greatest impact.

rigorous telecoms audits and advanced our market reviews

to ensure affordability and innovation in a rapidly evolving  Looking ahead, our focus remains firmly on the future. landscape. At the same time, we modernised competition  We will continue to anticipate emerging challenges, embrace frameworks and introduced new pricing regimes for ports,  global best practice, and work collaboratively with Government, enabling investment while safeguarding consumers  industry, and consumers. Together, we will keep Jersey

and businesses. competitive, connected and prepared for the opportunities

of tomorrow.

Crucially, we achieved these outcomes with greater

efficiency, by developing our internal capability and  I want to express my sincere appreciation to our talented We will continue to anticipate  reducing reliance on external support. Since 2022, our annual  team for their hard work and commitment throughout another emerging challenges, embrace  grant has remained flat and was reduced by 4% £30,000) in  demanding year. I also extend my thanks to our stakeholders

2025. By working more efficiently, we not only absorbed this  and the wider community for their continued engagement. I

global best practice, and work

reduction but continued to deliver market critical outcomes  look forward to working with them to keep Jersey a thriving collaboratively with Government,  without compromising quality or impact. This disciplined  environment for business development while ensuring

industry, and consumers.  approach ensures that every pound spent provides maximum  consumers enjoy choice and value.

benefit for Jersey's economy and consumers.

Tim Ringsdore

Performance Report

This section provides an overview of the  work of the JCRA in 2025.

Stephanie Way Liston Tim Ringsdore Stephanie  Way Liston (Apr 8, 2026 13:41:16  GMT+1) Tim Ringsdore  (Apr 8, 2026 12:13:19  GMT+1)

Stephanie Liston Tim Ringsdore

Chair  CEO

8 April 2026 8 April 2026

Performance Report Strategic Aims

1. Strategic Aims Strategic Aim What Success Looks Like

Protect & Encourage  Enforce competition law effectively – with a key focus to prevent the application of Competition anti-competitive arrangements and the abuse of a dominant position in a market and

to assess mergers to prevent any substantial lessening of competition

As an independent regulator, the JCRA has ambitious  Encourage competition where appropriate and proportionate – use the market studies aims to help shape and sustain the Island's economic  regime to address issues with competition in those markets where change would most

future, for the benefit of Jersey consumers, citizens  benefit Islanders

and businesses.

Effective Delivery of  Ensure the effective regulation of specified sectors

Supervision of

Strategic aims: Regulated Sectors Encourage continuity and security of supplies of goods and services by enabling

environmental and other best practice

Protect & Encourage Competition

Safeguard Consumers Using both competition and regulatory powers, empower consumers to exercise Effective Delivery of Supervision of  informed choice and help markets work in the best interest of Jersey as a whole

Regulated Sectors Support and work effectively alongside other Jersey consumer bodies Safeguard Consumers

Maintain the JCRA's  Build knowledge and capability to meet future requirements and challenges Maintain the JCRA's Reputation  Reputation & Resilience

& Resilience CinoJmeprsleemy e(annt da nbde ysounpdp)oartn tdheacwt oa rsk a o t fr ures gteudla atod rv yi s ao nr d t oe  nGfoovrce ernmmeennt tauthorities

In pursuing its strategic aims the JCRA takes into consideration its Prioritisation Principles, which guides the

JCRA on how to decide what projects to take on. The JCRA are also required to have regard to its Memorandum

of Understanding (the MoU) with Government, in which it is agreed that independent decision making is critical in

achieving good regulatory and competition outcomes. It also notes the important role for Government in setting the 1o f Tthhee pMowoUe r bs e a tnwd e  ed nu t ti he es oJCf tRh Ae   aJ nC dR tAh  ein M reinla isti toenr  wto a t se lue pc do amtemdu inni cDa eticoenms bs ee rc 2u 0ri 2ty4, stoe eta ukped aactecdo uMnto U legislative and general policy framework within which the JCRA operates.

Performance Report Strategic Aims

Prioritisation Principles

The JCRA has strategic choices to make in deciding which areas to focus its limited  During prioritisation, the JCRA will consider the timing and resource resources, funding and the appropriate approach to furthering its aims. requirements of its work programme to ensure that its duties are appropriately

met within the confines of the resources available.

The JCRA will make these strategic choices based upon its remit under the various laws

that apply to it, as well as drawing on the intelligence and analysis gathered through its

research and stakeholder engagement. In prioritising the use of its resources, the JCRA  Impact on consumers and the wider economy

will take an evidence-based view of the likely contribution to its strategic aims in the long  Strategic significance and synergy with the JCRA's objectives and short term.

Risks, in respect of a successful outcome and potential detriment

The list of factors to consider under different principles is illustrative and not exhaustive.  Resource requirements, including proportionality and implications The JCRA will not apply the principles in a mechanical way. Judgement and reasoned  of performing the work.

balancing are required for each case, which necessitates consideration of the principles in  

the round and on a case-by-case basis.

In some cases, the JCRA has a legal duty to act once certain relevant circumstances arise:  

On discovery or notification of a breach of a licence condition by a licensee Obtaining and reviewing information relating to merger situations

Conducting regulatory appeals and references in relation to price controls, terms of  licences and other regulatory arrangements under sector specific legislation

There is a duty to act on receiving a Ministerial direction.

Performance Report Risk

Risk Management Model

2. Risk ANNUAL Full Risk Review conducted annually, setting risk appetite' and tolerance. Top Risks are reviewed at each scheduled Board meeting, 7 a year.

Board   Sets overall tone for risk and compliance

Shares ultimate responsibility for the JCRA's success and compliance with legislation The JCRA's approach to Risk  Authority

Management is underpinned by its Risk

Management Policy. The policy sets  TRIANNUAL ARC leads the full annual Risk Review workshop, and reviews

out the governance structure through  Audit and Risk  the full Risk Register at each of the three scheduled ARC meetings.

which risks are identified, managed and,  Committee ARC  Provides independent oversight of risk management

where necessary, escalated through  Assists the JCRA in discharging its oversight responsibilities

the JCRA. All decisions taken during the

year were informed by consideration  BwIiMthO SNtrTa Hte Lg Yi c  O Cb Ej Oe c &t i Cve Os O,  a Rn ed v  il ee wad rs is t ke a am ss  ere sv si mew ens  to sf i  nR i Bsk o  aR re dg pisa tpeer.rs in line of risk, ensuring assessment of risk  Chief Executive  

as part of planning, prioritisation and  Officer CEO  ELinnskusr eriss kmsa tnoa ogbejmecetnivt e psr,o acneds sceas te f gu olf rili sreissk tmheamnaagtetmhee natprpersopporinasteib lielitvieesls; operational delivery. Strategic, operational, sectoral and case risks

AS REQUIRED Updates risk profile as new information becomes available.

Risk Owners   Accountable point of contact for each identified risk

Ensure risks are identified, assessed, managed and monitored Organisational & Case Risks) Maintain clear articulation of risks in the Risk Register

Ensure controls operate within risk appetite

BIMONTHLY Team Review of Risk Register.

All Staff Team  Participate in identifying, assessing and treating risks

and opportunities

Reviews the Risk Register every 7 8 weeks

Performance Report Risk

Risk Appetite Risk Environment

The JCRA's risk appetite supports its overarching purpose: To make markets work for everyone  The JCRA operates within a diverse and evolving risk landscape shaped by legal, regulatory,

in Jersey. To achieve this we adopt a balanced, risk-informed approach to our regulatory and  strategic, operational and external factors. Key considerations during the reporting period included: supervisory activities. We are not risk-averse; rather, we are purposeful and proportionate in the

Outdated sectoral policies and the risk of government not adopting regulatory recommendations. risks we take, ensuring they are aligned with our statutory functions and strategic aims.

Emerging technologies (such as satellite connectivity and increased data demands) that require

In the context of our strategic aims, our appetite is as follows:

forward-looking oversight.

Protect & Encourage Competition Resource constraints, including financial pressures and staffing capacity.

We have zero tolerance for breaches of Competition Law. We accept a moderate level of  IT and cyber-security requirements, including close alignment with law-enforcement partners. well-managed risks in our market studies and recommendations, which carefully balance  The island's reliance on resilient digital and physical connectivity across Ports, Post and Telecoms. the need to protect islanders with the unique position of Jersey as a small island economy.

These factors inform a five-year view of risk as the Authority delivers against its Strategic Plan and

Effective Delivery of Supervision of Regulated Sectors

Business Plans.

We have zero tolerance for breaches of legislation, license conditions, or statutory duties.  

At the same time, we accept higher, well-managed risks in our policy decisions to encourage  Governing Risk

innovation, efficiency and better ways of doing things as long as they do not compromise the  

Risk governance is underpinned by the JCRA's Risk Policy. The annual review cycle, supplemented

safety of core island infrastructure.

by comprehensive assessments, ensures risks are systematically identified, evaluated and overseen Safeguard Consumers by both the Board and the Team.

We have zero tolerance on risks that could impact the safety of islanders or cause significant  

Governance challenges such as funding uncertainty, threats to the JCRA's independence, and detriment to consumers. Protecting vulnerable users is a priority in our decision making.

misconceptions about the JCRA's role were highlighted as key areas requiring continued focus. Maintain the JCRA's Reputation & Resilience The governance framework supports resilient decision-making and reinforces the JCRA's

We aim for efficiency in our internal processes and are open to new ways of working, including  commitment to independence, transparency and evidence-based regulation. The ARC, assists learning from our peers. We accept that proactive regulation may bring scrutiny, but we mitigate  the JCRA in discharging its oversight duties, including the management and mitigation of risk.

this through transparency and stakeholder engagement.

Performance Report Risk

Assessing Risk Risk Matrix

Risk assessment is undertaken using a structured Likelihood and Impact Matrix. Risks are scored on  Probability a scale of 1 5 for both probability and consequence, enabling prioritisation across categories such as

financial impact, service disruption, reputational effects and media exposure. As part of the periodic

blank sheet' exercise, Board and Team members identify risks independently of the existing register

to ensure an open, unbiased assessment of potential threats and opportunities.

Responding to Risk

Following the annual workshop, the JCRA reviews and updates its Risk Register to reflect emerging  issues and changes in the internal and external operating environment. This includes proposing  revised likelihood and impact scores and assessing the adequacy of existing controls and  mitigations. The updated register supports informed decision-making and aligns operational  

plans with risk management priorities.

Reporting Risk

Risk reporting remains central to effective governance. Updated assessments and proposed  scoring adjustments are presented to the ARC and subsequently to the Board, ensuring appropriate  oversight and enabling strategic discussion on the JCRA's risk position. Regular reporting supports  transparency and strengthens the JCRA's ability to respond to evolving challenges.  

The Board also updates the Minister at each Partnership Meeting on the top three risks currently  faced by the JCRA.

Impact

Performance Report Risk

Risk Register

The principal risks as at 31 December 2025, are in the following table:

Performance Report 2025 Headlines

8% 37%

Telecoms Security Competition

3. 2025 Headlines  Creosnilsieunltcaeti ognu iodnannceew procedural and    Ctraonmsmpoerntcaetidona na nindvleosgtiisgtaictisonseinc tt oo rthe freight,

 Development of JCRA operational systems and    Concluded the construction sector review and

process to support its telecoms security function commenced the further work programme

 Memorandum of understanding with JCSC  Approved the Jersey Doctors on Call exemption Percentage of the Officer's time spent on

 Continued support to the Government in the    Issued 2 open letters and 5 advisory letters

the following sectors:

implementation of new telecoms security law    Enhanced our proactive market surveillance and compliance framework in readiness for

the law coming into effect in 2026  Engagement with Government on amendments Competition to the Competition Law and the Mergers Order

Mergers & Acquisitions 42%  Ccoonnstiunmueedr esntagkaegheomldeenr,t business and

Ports Percentage of Time

Telecoms Spent on Each Sector

 Completion of Telecoms Market Review 6%

Post

Telecoms  Initiation of Wholesale Broadband Price Control project Mergers & Acquisitions Telecoms Security  Continuation of annual regulatory reporting

 First testing of 5G mast emissions  8 mergers approved

 Banning of the leasing of Global Titles

UMenpaqdnuaaitgreieedmsinfervnoetmsot fiogspatetairokaentoharonsld daenerdns fc-o orincnecslmuumdeinentrgsgaudiddarnescseing  4%

Ports

3%  MAiar jaonr dP rSiceian gO pFrearmat eiownosrk completed for

Post  Management of stakeholders - including

compliance regime and addressing

 Management of stakeholders - including addressing consumer enquiries consumer enquiries

 Implementation of new regulatory framework introduced in 2024

Performance Report Performance Reviews

4. Performance  

Reviews Objectives:

The JCRA's objectives are linked to our  

strategic aims. The key activities to be  To deliver clear  To demonstrate  To look forward  To safeguard performed, as published in the 2025  and recognisable  compliance with  and research future  businesses and Business Plan1, will ensure the JCRA  frameworks for  the JCRA's   developments in  consumers through fulfils these aims. businesses, supported  legal obligations. competition and  the provision of

by effective, resilient,  economic regulation,  advice, information reliable systems  supporting the  and proposals.

of work. productivity and

innovation in the

Jersey economy.

1 See 2025 Business Plan

Performance Report Performance Reviews

Competition

Highlights of the Year

The JCRA is committed to using the full range of tools available to it, to most effectively uphold  

and enforce the Competition Law. In 2025, the JCRA progressed one competition investigation and  considered other concerns, suspicions or information about businesses that may be breaking the  competition law. Increased the use of open letters to raise awareness of and encourage compliance  with the competition law. Through increased and improved engagement with consumers, business  and Government, the local economy will become more competitive. The Jersey Doctors on Call  exemption was approved, with enhanced conditions to ensure consumer protection.

The JCRA continued its focus on improving markets for Jersey's consumers and businesses,  concluding its market study into electricity and the sector review of construction - with follow up  work underway. Further, in 2025, following market study recommendations, the Licensing Assembly  relaxed restrictions on alcohol pricing and promotions for licensed premises in Jersey.  

Eight mergers were approved 2024: six), including one with conditions which are to protect the  long-term interests of islanders. The JCRA's administrative target is 25 working days for Phase 1,  and in 2025 the JCRA achieved an improved average clearance time of 22 working days  

2024 23 working days).

Throughout 2025, the JCRA has supported Government with the amendments to the Competition  Law. The changes bring the Law up to date with international best practice whilst encouraging  competition in Jersey's economy, supporting businesses and protecting consumer interests. This  work will continue into 2026, with enhancements to the M&A Order.

1 See International Competition Network website

Performance Report Performance Reviews

Air and Sea Port Operations Link to Strategic Aims Planned Key Activities & Metrics What Was Achieved Outcome

Protect & Encourage  Monitor compliance with the Ports Law  Continued to monitor and review compliance with the Ports  Met Highlights of the Year Competition and Licence conditions. Law and Licence Conditions.

The new five year price control for Ports of Jersey

Effective Delivery  Monitor the introduction of the new  Throughout 2025 the JCRA received and engaged with Ports  Met commenced on 1 January 2025. This control balances  of Supervision of  price control framework from January  of Jersey on their price control reporting. This engagement

consumer interests with investment in critical  Regulated Sectors 2025, through a comprehensive  and data has facilitated a shared understanding of the infrastructure. Consistent with this, a focus of the  compliance and monitoring  challenges and opportunities faced and will support future

JCRA's work has been on compliance with the new  programme. policy in this area.

control and monitoring Ports of Jersey's performance.

Safeguard Consumers Continue to monitor the existing  On Quality of Service regulation, the JCRA ensures  Met The JCRA has also continued to monitor Ports of  quality of service reporting, as well  transparency on Ports of Jersey's performance through

Jersey's quality of service, with regular reporting,  as the initiation of a review of these  quarterly reporting on key metrics.

alongside a review of the measures with a view to  measures, aligned with the 2024 Ports

Policy Framework. P 003 Ports of Jersey Quality of Service Reporting 2025

introducing an updated set in 2026.

The JCRA also engaged with Ports of Jersey, drawing

on it's expertise and operational experience, on potential enhancements to the quality of service reporting. The

process to introduce these enhancements is planned to

begin in 2026.

Performance Report Performance Reviews

Postal Services Link to Strategic Aims Planned Key Activities & Metrics What Was Achieved Outcome

Protect & Encourage  Monitor compliance with the Post Law  Continued to monitor and review compliance with  Met Highlights of the Year Competition and Licence conditions. the Post Law and Licence Conditions.

In 2025, the JCRA focused on ensuring the updated

Effective Delivery  Monitor the postal services market to  Through annual reporting from Licensees the JCRA  Met postal services regulatory framework, introduced in  of Supervision of  ensure its overall effective operation. has strengthened its oversight of the sector and this

2024, continued to operate effectively. Regulated Sectors was complemented by a continued review of market

developments in key jurisdictions, like the UK.

For Jersey Post, the holder of the Universal Service

Obligation, 2025 was the first year that the updated

quality of service measures were reported on and  Safeguard Consumers Cono nJteinrsueey t oP oms ot'ns iqtoura alintyd oref port  Ipnu 2b0lis2h5etdh,ewqhuicalhit yshoofwseedrvtihcaet rJeeprosret yf oPro 2s 0t  2w4a swas

Met this showed that the targets were being met. The  service targets. meeting expectations. This was the first year of

JCRA also provided support for Government by  reporting under the new framework.

providing policy input on the potential scope on the  L 006 Jersey Post Quality of Service Report 2024 future Postal Policy.

Maintain the JCRA's  Provide support for Government  The JCRA provided support for Government by  Partially Reputation & Resilience for the development of a Postal  providing a policy input on the potential scope on  Met – Policy

Services Policy. the future Postal Policy.  responsibility sits with Government

and work is still to be progressed.

Performance Report Performance Reviews

Telecommunications

Highlights of the Year

In 2025, the JCRA completed the Telecoms Market Review, assessing the sector and  setting a framework for wholesale regulation to support retail competition. Follow-up  projects were identified to ensure the framework continues to promote competition and  meet consumer demand. This includes the Wholesale Broadband Price Control, due for  completion in 2026, which will set future wholesale broadband pricing.

Under Telecoms Security and licensing, the JCRA consulted on updated guidance and  licence changes to align with the UK on network and service resilience. Alongside this,  action was taken to ban the leasing of Global Titles to prevent misuse that could lead to  fraud or other harms for Jersey subscribers. In addition, the JCRA started work on an  updated spectrum strategy to reflect Jersey's needs.

The JCRA also continued to review and engage with providers on reported service  incidents. In addition, the JCRA completed significant work on the development of its  Telecoms Security function, in anticipation of initiating operational functions in 2026.  Additionally, annual emissions testing of mobile masts included 5G installations for the  first time.

Telecommunications

Telecommunications (continued)

Link to

Strategic Aims Planned Key Activities & Metrics What Was Achieved Outcome

Safeguard  Support consumers – for example, addressing consumer and  Continued to respond (where required) to complaints related to telecoms services, liaising closely with operators and  Met Consumers business complaints. the complainants, which resolved most issues amicably.

The JCRA set out a follow-up project on consumer policy as  The JCRA set out that it would initiate work in 2026 on consumer policy as a follow-up project to the Telecoms  Partially Met – Further work to be one of the follow-up projects to the Telecoms Market Review. Market Review. undertaken in 2026.

Maintain the  Carried over from 2024, the JCRA will progress reviews of  As part of the JCRA's ongoing work in readiness for the Government's Telecoms Security Framework, existing  Partially Met - Further progress will be JCRA's Reputation  existing guidance associated with certain license conditions  guidance has been reviewed and updated with consultations carried out on new guidance. This work is expected to be  made once the JCRA has established the

& Resilience to ensure alignment with the new telecoms security law and  completed in 2026. See further detail on page 24 . compliance regime for the new telecoms related regulations and to enhance the clarity of  security law.

such guidance.

Telecoms Security Link to Strategic Aims Planned Key Activities & Metrics What Was Achieved Outcome

Throughout 2025, the JCRA has  Effective Delivery  Continue preparation for the Amendment  Conducted a consultation on proposed procedural guidance  Met continued to support the Government  of Supervision of  Regulations 2024, as approved by the States  outlining its approach to performing its duties under the

in the implementation of its Telecoms  Regulated Sectors of Jersey. This will include engagement with  Amendment Regulations 2024 alongside proposed resilience

Security Framework (the TSF . operators and other stakeholders in relation to  guidance setting out its expectations as to how providers should

the JCRA's future compliance regime, and the  deploy and operate resilient networks and services.

development of appropriate guidelines.

Updated and consulted on changes to its guidance to reflect its  Met new information gathering and associated enforcement powers

under the Amendment Regulations 2024.

Continued to engage with Government, operators and other  Met stakeholders on the development of its planned regime in

anticipation of this becoming operational in 2026.

Safeguard Consumers Continue preparation for the Amendment  As noted previously, the JCRA consulted on new resilience  Partially Met – Guidance Regulations 2024, as approved by the States  guidance, setting out its expectations as to how providers should  to be finalised in 2026.

of Jersey.  design, build and operate resilient networks and services. This is

due to be finalised and aligned with the TSF becoming active.

Maintain the JCRA's  Continue preparation for the Amendment  Continued development of internal systems and processes to  Partially Met - Expected Reputation & Resilience Regulations 2024, as approved by the States  support the initial and ongoing delivery of the JCRA's functions  to be finalised when the of Jersey.  under the Government's TSF once active. JCRA takes up its duties

in 2026.

Performance Report Performance Reviews

2026 Outcomes

At the end of 2025, there were:

In Competition, there was one active Competition Law  investigation and advice to the Minister on updates to the M&A  Order was being prepared. Two mergers were notified in late in  2025, for review in early 2026.  

In Telecoms, anticipating the Government fully commencing  its TSF in 2026, the JCRA has been preparing to start its  operational telecoms security functions. This has involved  developing appropriate internal processes, systems and roles;  alongside external industry consultation.

The 2026 Business Plan1 is focussed on adding value to Jersey consumers,  businesses and the economy through defined outcomes.

1 2026 Business Plan

Competition Postal Services

Outcome 1: Improvements in outcomes for markets in Jersey Outcome 1: Universal Service Obligation

Promoting competition as a mechanism to improve the long-term sustainability of Jersey's  Jersey Post continues to meet the requirements of the USO, in line with policy expectations. markets. This includes taking action to strengthen enforcement and compliance outcomes.

Outcome 2: Quality of service

Outcome 2: Increasing awareness of competition Jersey Post continues to provide services which meet the expectations of consumers, the Raising awareness of competition benefits through increased and improved engagement with  States of Jersey.

consumers, businesses, and Government to protect and encourage competitive markets.

Outcome 3: Align, evolve, and adapt competition practice Telecommunications

Adapting to changes in Jersey's economic and legislative environment. Continuing to align  

with international best practice, whilst strengthening the JCRA's operational practices to  Outcome 1: Best practice licensing and regulatory framework

identify competition issues. By managing risk through appropriate regulation, consumers, businesses, and other organisations in Jersey benefit from trusted and reliable connectivity. A regulatory

framework will align with best practice in comparable jurisdictions, taking account of Air and Sea Port Operations security and resilience requirements, and adapting to this fast-changing sector whilst

encouraging innovation and investment.

Outcome 1: Effective regulatory pricing framework

Outcome 2: Competitive markets

The JCRA has established fair and efficient pricing for port users. As a result, Ports of

Effective retail competition allows businesses and individual consumers the ability to Jersey are incentivised to invest efficiently in the infrastructure needed to deliver reliable

exercise choice and benefit from fair prices, innovation, new services, high quality of and resilient services. These outcomes will be monitored through comprehensive reporting

service standards, and value for money. Where necessary and appropriate, wholesale

and assessment.

markets are protected by regulation.

Outcome 2: Quality of Service

Outcome 3: Resilient and reliable networks and services

Quality of service reporting ensures that air and sea port users, along with their customers,  

Secure, resilient, and reliable networks and services are monitored in light of the benefit from innovative, high-quality services. These services are evaluated through ongoing

significant changes anticipated in telecoms markets – for example, the rollout of 5G performance assessments and customer-focused indicators, aligned with international best

services and the new telecoms security framework. Proportionate and appropriate practices. The results are published regularly, promoting transparency and accountability.

oversight will be in place for Jersey, aligned with that taking place in the UK.

Performance Report Resources and Financial Review

Income

5. Resources  T2h0e2b4u d£g2e,0te6d3  ,i 1n 1c 2o  ,m toe   sfo ur p  p2 o0 r2 t5 p w laa ns n  e£ d2 , a2 c1 t9 iv,0 it0 ie0 s for the year. and Financial  

Review 2025 Budget 2025 Actual

Competition Grant 34% 32%

All of the activities undertaken by the JCRA

are separately funded, and by sector. Cross- Merger & Acquisition fees 3% 5% 2025 Income

subsidisation is not permitted to ensure

that all costs are ring-fenced by sector, and  Ports licence fees 4% 4%

common costs are shared between sectors.

Post licence fees 4% 4%

It is vital that the JCRA has a sufficient  

working capital balance. A Reserves Policy  Telecoms licence fees 47% 45%

is maintained to ensure that reserves remain

at a level where the JCRA maintains a  Telecoms Security Funding 7% 9%

comfortable cashflow. Competition 32%  M & A 5%

Other income 1% 1%

As a non-profit making body, the JCRA  Post 4%  Ports 4%

may return excess funds or hold the funds  Telecoms 45%  Telecoms Security

for future work as detailed in the JCRA's   9% business plan. Actual income in total was £2,231,660 2024 £2,302,777) and is  Other 1%

summarised on the next pages.

Performance Report Resources and Financial Review

Government Funding

Competition Telecoms Security

A Funding Agreement between the Minister and the JCRA is  The Agreement for 2024 to 2026 was signed in September  With new legislation relating to Telecoms Security enacted in

in place as an agreed framework, primarily intended to meet  2023 JCRA Competition Grant Funding Agreement | JCRA.  2024, the Government has continued to provide an annual grant the requirements of the Public Finance Manual. The key  However, the grant has not increased since 2022 and  to enable the JCRA to undertake further work on compliance purpose of the grant funding is to: in 2025 the JCRA received a reduced grant of £717,000  requirements and in support of its future duties under the law.

2024 £747,000 . The funding supported the JCRA's rolling

Administer the Competition Law, seeking to promote  programme of market studies, market surveillance and  In 2025, a further grant of £150,000 2024 £150,000) was competition in the supply of goods and services in Jersey administering the competition law. received to cover the JCRA's internal and external costs

associated with supporting the Government's project and

Investigate possible breaches of the Competition Law

In total, the cost for all competition law activity in 2025 was  development of a Telecoms Security compliance regime.

Carry out market studies to evaluate whether markets are  £823,155 2024 £873,610 , resulting in a deficit for the year

working well for Jersey consumers of £106,155 2024: deficit £126,610 .  In total, the cost for all Telecoms Security work in 2025 was

£198,709 2024 £134,664 , supported by the unspent grant

Promote and support competitive markets in Jersey

carried forward from 2024.

through the provision of information and guidance

Assist the Government to develop the Competition Framework.

Formal meetings between the Minister and Chair take  

place twice a year and these meetings specifically discuss  performance, internal controls and any other relevant  information relating to the effective oversight of public funds.  In 2025, one meeting took place in May and the planned  December meeting was postponed at the request  

of Government, and took place in February 2026.

Performance Report Resources and Financial Review

Merger and Acquisition Fees Licence Fees: Ports, Post and Telecoms

Fees are received from businesses making applications for the approval  Sector specific regulation is funded through licence fees paid by licensed of notifiable mergers and acquisitions. The number of applications in  operators in each of the ports, post and telecoms sectors. The licence fees any given year is unpredictable. A merger will not be notified unless  are calculated based on the forecasted cost of regulating the sector for the relevant application fee has been paid in full, which is based on the  the year in question. A breakdown of the licence fees charged, the cost of fair market value of the total consideration received by the seller(s). If a  regulating the sector, and surplus/(deficit) for year is provided below: Second Detailed Review is required, further fees are payable based on the

resources required to conduct the review.

In 2025, the income received amounted to:

2025 £  2024 £  Ports Post Telecoms

First Detailed Review Fees 105,000 75,000 2025 £  2024 £  2025 £  2024 £  2025 £  2024 £ Second Detailed Review Fees - 87,982 Licence Fees 95,000 77,000 92,500 79,500 990,678 904,296 Cost*  106,655   169,965  Application Fees* - - - - 7,500 55,000 Deficit*  1,655   6,983  Cost  82,644   119,634   70,013   63,912   909,555   907,356

Surplus/ Deficit)** 12,356  42,634  22,487 15,588 88,623 51,940

* See section below on application fees

* The ring-fenced reserves are utilised to support the JCRA when costs exceed income during the year ** The ring-fenced reserves are utilised to support the JCRA when costs exceed income during the year

Performance Report Resources and Financial Review

Telecoms Licence Application fees Other Income

Fees are received from businesses making applications for a telecoms  Regulatory Review of Air and Sea Ports

licence, requesting approval of a change of control of a licensee and

surrendering a licence. The number of applications can vary year on year  In 2024, £100,000 was received from the Ports of Jersey to support the JCRA's review to

and so can be unpredictable. determine the prices that Ports of Jersey charges for products and services where it has been

found to be dominant. This income offset the costs incurred to conduct the review and was separately ring-fenced. This review was completed in November 2024, with no further work in 2025. The next review is scheduled to commence in 2028.

2025 £  2024 £

Application Fees - renewals - 17,500 Strategic Review of Postal Services

Application Fees – new entrants 7,500 22,500 In 2024, the final £4,868 of the £140,000 received from Jersey Post in 2021, to support the JCRA's

review of the postal sector, was recognised. This income offset the costs incurred to conduct the Change of Control - 15,000 review and was separately ring-fenced. This review was completed and came into force in February

Total 7,500 55,000 2024, with no further work in 2025. The next review is likely to take place in 5+ years.

Treasury Deposit Interest

In 2025, £25,273 2024 £37,467) of income was received following the placement of funds in a treasury deposit account for a fixed term throughout the year. This income is allocated to the general reserve.

Performance Report Resources and Financial Review

Expenditure

The expenditure budget for 2025 was £2,454,100 2024 £2,405,653 , covering all planned activities for

the year. The Board were updated on a regular basis of actual expenditure against budget. At the end of

the year, total expenditure was £2,198,161 2024 £2,386,408 , being £255,939 10%) under budget.  2025 Results

In 2025, there was a reduction in percentage of total expenditure on professional fees by 6% to 23% 2024

1,200,000 29% . There was a corresponding increase of 6% in salaries and staff costs to 59% 2024 53%) of total

expenditure. The JCRA have, since 2023, strengthened its team to reduce reliance on external consultants.  1,000,000 800,000

600,000

400,000

200,000

2025 Expenditure 2025 Expenditure 0

by Sector by Type

200,000

Competition M & A Ports Postal Telecoms

Income Expenditure Surplus/ Deficit)

Competition 37%  Telecoms 41%  Supplies & Services 3%  Board, Salaries & Staff 59%  Post 3%  Ports 4%  Professional Fees 23%  Establishment 12%  

M & A 5%  Telecoms Security 10%  Office Premises 3%  

Reserves

In line with the reserves policy, the JCRA ensures that all regulated operators' reserves  and government funding are robustly monitored and remain at a level which the JCRA  maintains comfortable cashflow. As at 31 December 2025 the reserve balances for  competition grant and regulated operators were as follows:

Supporting Jersey's Achievement of the Carbon  Environmental

Neutral Roadmap  In 2024 the JCRA completed a review2 of sustainable practices in regulated sectors,

with a view to inform public debate and help shape a path towards a more sustainable The JCRA's approach to Environmental, Social and Governance is in line with  and resilient future. The JCRA also monitors our internal emissions as below.

best practice for an organisation of our type.1 Through our cases, the JCRA

also seeks to unlock sustainable development in the island of

Jersey. The JCRA will continue to enable the delivery of Jersey's Carbon  Social

Neutral Roadmap via our day-to-day work where feasible, for instance by  The Board continues to regularly receive updates on internal sustainability, wellbeing advising on measures which support the move to a more sustainable transport  initiatives (such as Charity Days), and the JCRA's role within the community. This system. The JCRA regularly engage with policymakers and an extensive  includes the issue of open letters and advisory letters to promote awareness of

range of stakeholders in our regulated sectors. Competition Law, and participation at the Consumer Council Fair. The JCRA CEO's work

as chair of the Sanctuary Trust continued in 2025, while other staff continue to act as volunteers and trustees.

Governance

Regulation of port operations, postal services and telecommunications support responsible corporate governance by licensed entities. Further, our competition work programme seeks to promote efficiency in production and competitive delivery of goods and services to Jersey consumers. For example, following the construction sector review, completed in 2025, the JCRA continue to review whether certain markets act as a blocker to the effectiveness and competitiveness of the sector, as well as

the health of the supply chain in Jersey.3 The Board takes governance issues very

1F i nPalnecaisael Dniostcel oosuurr ecsu rrreepnot ratipnpgr osatacnhd taor dresc(okrndoinwgn oausr sTuCs FtaDi 'n ) a ob ri l mityo  rd eo re es c nenot t  sa tli agnnd waridths tshuecThaassk tFhoer cIFeRoSn S C1 l aimnadt eIF- Rre Sl a St 2ed  seriously and the JCRA Board Secretary is also now a Chartered Director, bringing that because we are not an investor-focused organisation knowledge into the Governance of the JCRA.

2 Sustainability in the regulated sectors in Jersey - Short-form report 3 Construction Sector Review - Case Opening Statement

Organisational monitoring

During 2025, the JCRA has continued to devise and monitor initiatives to reduce emissions. This includes using local suppliers that are members of the Jersey's eco active business network1, whose businesses take action to lower their environmental impact. The JCRA also encourages flexible and online working where possible, with a minimum of one Board meeting per annum held virtually.

The JCRA has continued to record organisational carbon emissions by  scope.2 Overall, the JCRA's Scope 3 emissions (which include business  travel) decreased on prior year, and in total emissions have decreased  from the independently measured baseline year 2022 .

Through the JCRA's organisational remit, positive contributions will  continue to be made to the economic wellbeing Island Outcome  indicators.3 The JCRA promote efficient markets and low prices to  consumers through market studies and its regulatory programme, while  supporting the Government in achieving sustainable economic growth.

1 Members - Eco Active Business Network

2 Scopes 1, 2 and 3 are a classification of climate-warming gas emissions. Please see this link for a brief overview  Scope 1, 2 and 3 Emissions | MIT Climate Portal

3 See, for instance, Island Outcome Indicators

Accountability Report

The Accountability Report provides key  

accountability information on the JCRA. The Chair and CEO confirm that this annual report and accounts

as a whole is fair, balanced and understandable, taking responsibility for the document and the judgements required.

Stephanie Way Liston Tim Ringsdore Stephanie  Way Liston (Apr 8, 2026 13:41:16  GMT+1) Tim Ringsdore  (Apr 8, 2026 12:13:19  GMT+1)

Stephanie Liston Tim Ringsdore

Chair  CEO

8 April 2026 8 April 2026

Accountability Report Corporate Governance Report

1. Corporate  The Board

Governance  TBhoea r2d0c0o1nLsaiswte rde qouf iare Cshthaier, JtChrReAe   tNoo cno- mExpercisuet ,ivaes Ma emminbiemr us man, dth oren ee   MExeemc bu eti rvse w Mitehm obneer . C Thhaeir  .J AC sR Aat r3e 1m Da einceedm qbueor r 2a 0te2  5at,  ta hlle t iJmCeRsA. 's Report These are the members of the Board during 2025, and their periods of appointment:

Stephanie Liston Ian Walden Lara Stoimenova Ed Daubeney Tim Ringsdore Paul Masterton

Chair  Member /  Member  Member  Chief Executive  Senior Independent

Senior Independent1

Start date 01/07/2020 Start date 07/10/2020 Start date 07/10/2020 Start date 01/03/2025 Start date 14/09/2021 Start date 13/02/2017 End date 30/06/2026  End date 06/10/2028 End date 06/10/2027 End date 28/02/20292 End date 01/02/20313 End date 12/02/20254

1 As of 13 February 2025, it was agreed with the Minister to appoint Ian Walden as  Senior Independent Member and in February 2026, a ministerial decision was passed  to extend Ian Walden's appointment by one year

2 In January 2025, a ministerial decision was passed to appoint Ed Daubeney as a  Non-Executive Member from 1 March 2025 for a period of four years

3 In February 2026, a ministerial decision was passed to extend Tim Ringsdore's  

appointment as CEO for a further 5 years The JCRA believes that Members have a wide range of experience which ensures effective leadership and 4 Paul Masterton's appointment ended on 12 February 2025 control of the JCRA. Their profiles can be found on the JCRA website; Board Directory.

Accountability Report Corporate Governance Report

The Role of the Chair and the Non-Executive Members  Appointment to the JCRA:

includes the following responsibilities: The Law provides that the Chair is appointed by the Minister, as are other Members following consultation with the Chair. Vacancies which arise are filled through an open and transparent process, consistent with the procedures

Ensuring that the JCRA's business is conducted in an  recommended by the Jersey Appointments Commission. Following the end of Paul Masterton's appointment on impartial, open and efficient manner and in accordance  12 February 2025, Ed Daubeney was appointed in line with this process on 1 March 2025.

with international best practice

Stephanie Liston was appointed as Chair on 1 July 2020 and at the end of 2025 the recruitment process

Providing advice and guidance in decision-making and on  commenced to appoint a new Chair from 1 July 2026.

the strategic direction of the JCRA

Maintaining a close working relationship with the  Board Apprentice: Executive, providing support and guidance as required

On 31 July 2025, Sebastian Perez completed their one year appointment as a Board Apprentice.

Together with other Members, building and maintaining

a positive reputation for the JCRA so that it commands  

the trust and respect of all its stakeholders – the citizens,  Significant Interests:

consumers, businesses, and the Government – and in  

Whilst no distinction is made between Non-Executive and Executive Members of the JCRA in the 2001 Law, the doing so, enhances Jersey's reputation nationally and in

majority of Members are not also officers, employees or agents employed under Article 8 of that Law. They are

the international community

independent of management and free of any other relationship that could materially interfere with the exercise of Ensuring that the JCRA maintains an appropriate level  their judgement. All Members have made declarations of interest, and no Member has declared significant company of scrutiny of the operations and governance of the  directorships or other interests that may have conflicted with their responsibilities. No Member had any other organisation, maintaining the JCRAs independence. related party interests.

Meetings:

The JCRA meets regularly as a Board. Customarily, there are eight meetings each year with additional meetings when circumstances require it. During 2025, the JCRA met formally seven times, with one interim meeting. Meetings were held either in person or via video conference call.

Accountability Report Corporate Governance Report

Committees Remuneration Committee RemCom

The 2001 Law provides that the JCRA may  

establish committees whose members may, but  During 2025, the RemCom comprised of the following members: need not be, Members, officers, employees or

agents of the JCRA. Ian Walden Chair

Lara Stoimenova

Ed Daubeney*

Paul Masterton*

The Chair of the JCRA is invited to attend at the discretion of the RemCom chair.

The duties of RemCom are to make recommendations to the Minister for non-executive remuneration, and to the JCRA on remuneration for the executive and senior management. The RemCom held one meeting in 2025, with other decisions taken by email.

RemCom is tasked with the design of remuneration policies and practices to support strategy and promote long-term, sustainable success. Executive remuneration is aligned to the JCRA's purpose and values, clearly linked to the successful delivery of the JCRA's long-term strategy, enabling the use of discretion to override any formulaic outcomes and to recover and/or withhold sums under appropriate specified circumstances.

The CEO, Tim Ringsdore, provides information and recommendations to the RemCom regarding staff remuneration and employment matters. When determining executive remuneration policy and practices, the

* Paul Masterton's term of office ended on 12 February 2025 and Ian Walden was appointed  RemCom will take into consideration benchmarks, clarity, simplicity, risk mitigation, and alignment to culture. as the new RemCom chair, with Ed Daubeney as a Member following his appointment on

1 March 2025

Accountability Report Corporate Governance Report

Audit and Risk Committee (the ARC

The ARC comprises of the following members during 2025

Lara Stoimenova Chair

The ARC oversees the financial reporting process to ensure the balance, Ed Daubeney* transparency and integrity of financial information.

Paul Masterton*

The ARC also reviews:

Effectiveness of internal controls

Tim Ringsdore, as CEO, attends meetings in an advisory capacity  Compliance with laws and regulations

and the ARC is supported by Sarah Price , as Company Secretary,  Internal audit, including the effectiveness of outsourced internal audit and Claire Kybett, as Financial Controller. function and adequacy of reports

The ARC held three meetings during 2025. External audit, including recommending the appointment and

assessing the performance of the external auditor

The key responsibilities of the ARC include maintenance of a  Risk management process, including overseeing the risk register robust risk management and internal controls framework, financial

reporting, compliance with laws and regulations, and working with  Application of corporate governance best practice.

the internal and external auditors.

* Paul Masterton's term of office ended on 12 February 2025 and Ed Daubeney was appointed as a Member on 1 March 2025

Accountability Report Corporate Governance Report

Board and Committee Attendance Board Effectiveness Review: Compliance:

During 2025, the JCRA carried out a Board  Rory Graham, a solicitor admitted in England and Wales, Attendance at meetings where directors were eligible to attend  Effectiveness Review which considered the  was appointed General Counsel in 2021, with ultimate

were as follows:  performance of the Board, and Chair. This  responsibility for legal and regulatory compliance.

process was carried out by the Board Secretary.

This exercise has provided valuable information

Data Protection:

Board  Audit & Risk  Remuneration  on the performance and operation of the JCRA,

Member Position Meeting Committee Committee

and identified areas for improvement, which  Sarah Price is the Data Protection Officer for

Stephanie  included recommendations concerning succession  the JCRA. There were no personal data incidents

Liston Chair 8/8 N/A N/A planning and culture. An independent review will be  during the year reported to the Jersey Office of

considered for 2026. the Information Commissioner.

Lara

Stoimenova Member 8/8 3/3 1/1

Board Secretary:  Public Finance Manual:

Ian  Senior

Walden Independent 7/8 N/A 1/1 Sarah Price was appointed as Board Secretary by the  The JCRA was designated as a Grant Receiving

JCRA to oversee the maintenance of a high standard  Body' under the terms of the States of Jersey Public

Ed  of corporate governance and transparency for the  Finance Manual during 2024. The JCRA remains fully Daubeney Member 7/7 3/3 1/1

organisation. To enable the JCRA and its committees  cognisant of its responsibilities as the recipient of

Tim  Chief  to discharge their duties, appropriate and timely  public funds, in line with the Funding Agreement signed Ringsdore Executive 8/8 3/3 N/A briefing papers are distributed in advance of meetings.  with Government. This can be found at: Governance

All Members have access to the Board Secretary,  framework | JCRA. On 17 January 2025, the Public

Paul  Senior  who is responsible for ensuring procedures, rules  Finance Manual was revised to include the JCRA in the Masterton Independent 1/1 N/A N/A and regulations are followed. category of "States established independent bodies

or office holders".

Accountability Report Remuneration and Staff Report

2. Remuneration  Remuneration of Non-Executive Members

and Sta Report AJCrtRicAle, a5sowf ethllea2s 0r0ea1 sLoanwa bpl reo  vo iudt e- so f t- hpaotc tkheet   Man ind is o teth r e sr h e ax llp de en ts ee rms o inc ec ta hs eio rn ee md u i nn e t rh ae ti  ore na os fo n Ma eb mle b c eo rsu r os fe t  ho ef  

carrying out their duties. Total Board costs including remuneration, travel for Board Meetings, Directors and Officers Insurance and other associated costs was £176,293 2024 168,403 . This represents 8% of the JCRA's total expenditure 2024 7% .

The JCRA believes that, within the constraints

of being a public body, it should provide rewards  Details of the remuneration of Members of the JCRA are set out in the following table:

that will attract and retain the high management  

and staff necessary to fulfil its statutory remit  

and responsibilities. Non-Executive Member 2025 £  2024 £

Stephanie Liston 48,400 48,400 Lara Stoimenova 22,000 24,200 Ian Walden 23,938 22,000 Ed Daubeney 19,433  - Paul Masterton 1,685  24,200 Total 115,456 118,800

* Part year only

Accountability Report Remuneration and Staff Report

Components of Executive Members' Remuneration

The Executive Members may be both Members and employees of the JCRA.  Effective from 1 January 2023, the JCRA introduced a wellbeing package The Chief Executive receives no fees as a Member of the JCRA. which included the introduction of a non-contributory pension scheme

and an annual subsidy of up to £500 per employee for wellbeing activity/ The main components of executive remuneration are salary and other  equipment, both of which are taxable benefits in kind. The Employer benefits. The basic salary for the Executive Member of the JCRA is  pension contributions made in relation to the Chief Executive Officer and determined by taking into account that individual's responsibility, performance  the wellbeing subsidy are disclosed in the table below:

and experience, together with market trends. Consistent with other salaries,  

the basic salary is reviewed annually by the Remuneration Committee.

In addition to salary, again consistent with all permanent members of staff,  Tim Ringsdore CEO  2025 £  2024 £

the Executive Member receives certain other benefits, specifically medical

insurance, life insurance and critical illness cover. These benefits are not  Salary 225,905 211,126 disclosed in the table below as they are not taxable benefits in kind.

Employer Pension Contribution and Benefit 23,090 21,613 Total 248,995 232,739

Staff Report

Article 8 of the 2001 Law provides that the JCRA may appoint such officers, employees and agents  as it considers necessary for the performance of its functions. Staff costs are accounted for on  

a time spent, case-by-case basis, with non-case specific time split on an apportionment basis of  competition 36% , mergers and acquisitions 4% , ports 5% , post 5% , telecoms security 7%  and telecoms 43% .

At the end of 2025, in addition to the Chief Executive, the permanent members of the team were:

Chief Operating Officer Case Officers x 3 General Counsel Financial Controller Chief Economist Office Manager / PA

In addition, one zero hours contractor was employed to support general administration, and two  part time contracted case officers, see Contracts section for detail.

During 2025, one case officer left the JCRA and was replaced locally. There was no change in the  total number of staff of nine 2024: nine).

The total salary, social security and pension costs for 2025 were £1,167,612 2024 £1,137,287 .  There were no payments in compensation for loss of office made during the year.

Accountability Report Remuneration and Staff Report

Equality and Diversity Employee Development

The JCRA, in line with the Strategic Plan and its  We regularly review and benchmark our compensation  The JCRA is committed to offering all staff equal published Values, encompasses an excellent balance  structures to ensure that salaries are competitive  opportunities in their career, support with their training

of local knowledge, gender balance and a diverse  and aligned with industry standards. Our pay  and well-being, as well as ensuring an inclusive workplace. team culture. This is fundamental to the effective  distribution reflects a commitment to fairness,

delivery of the JCRA's objectives. with clear differentiation across salaries, ensuring  During 2025, staff allocated 3% of total working days to

that employees are compensated fairly for their  training and continued professional development.

The gender balance for permanent staff can be  experience, skills, and contributions.

summarised as follows: As a result, the team is motivated and continues to deliver

Due to the size of the organisation the JCRA do  high standards to help shape and sustain the Island's

not believe it is appropriate to disclose detailed  economic future, for the benefit of Jersey consumers,

2025

information on the range and levels of staff  citizens and business.

remuneration, ensuring compliance with the Data  

Protection Jersey Law 2018.

The JCRA experienced only 1% of working days  recorded as sickness (excluding long-term incapacity).

50% 50% 44% 56%

Non-Executive  Team Members  Board Members  Permanent)

2024 50% male, 50% female 2024 44% male, 56% female 2023 50% male, 50% female 2023 44% male, 56% female

Contracts

The JCRA team is supported by a range of contract/consultancy staff. During 2025 this included two  part-time contracted case officers, outsourced HR services and IT support, where this is more cost  effective than a dedicated in-house resource for that particular area.

External consultants were contracted for the provision of specialist and independent advice,  if required for specific cases to support the JCRA.  

Contracts are awarded following a tender process where appropriate, with significant expenditure  approved in line with the JCRA's procurement policy. All contracts are actively managed by officers.

External Consultancy:

In 2025, the cost of external, specialised expertise was £216,377 2024 £371,512 , a significant  decrease on the prior year as the JCRA have been less reliant on external consultant support.

Legal:

The JCRA required specialist legal advice costing £12,485 in 2025 2024 £92,389 . In 2024,  additional legal advice of £56,515 was required regarding the second detailed acquisition review  and the telecoms security framework, both of which were separately funded. This was not required  in 2025.

Accountability Report Accountability Statements

33 Accountability  Members Report for the Financial Statements

Statements The Members in office during the year are shown on page 37.

Events During the Year and Subsequent to Year End

There have been no events between the statement of financial position date and the date when the financial statements were authorised for issue that need to be disclosed or recognised in the financial statements.

Independent Auditor

RSM Channel Islands Audit Limited are appointed to act as auditor in accordance with Article 17 of the Competition Regulatory Authority Jersey Law 2001.

Members' Disclosure

As far as the Members are aware, there is no relevant audit information of which the auditor has not been made aware. All reasonable steps have been taken by the Members in order to make themselves aware of any relevant audit information to establish that the auditor is aware of this information.

Accountability Report Accountability Statements

Members' Responsibilities

The Members are responsible for preparing the Members' Report and the  The Members have elected to prepare the financial statements in accordance with United financial statements in accordance with applicable law and regulations. Kingdom Accounting Standards and applicable law.

The Competition Regulatory Authority Jersey Law 2001 requires  In preparing the financial statements, the Members are required to:

Members to keep proper accounts and proper records in relation to these

accounts. The Members therefore consider themselves responsible for  Select suitable accounting policies and then apply them consistently

keeping adequate accounting records that are sufficient to show and  

Make judgments and estimates that are reasonable and prudent

explain the JCRA's transactions and disclose with reasonable accuracy,

at any time, the financial position of the JCRA and which enable them to  State whether applicable UK Accounting Standards have been followed, subject to ensure that these financial statements comply with the Law. They also  any material departures disclosed and explained in the financial statements consider that they are responsible for safeguarding the assets of the JCRA

Prepare the financial statements on the going concern basis unless it is

and hence for taking reasonable steps for the prevention and detection of  

inappropriate to presume that the JCRA will continue in operation.

fraud and other irregularities.

The Law also requires Members to prepare accounts in respect of each  The Members confirm that these financial statements comply with these requirements. financial year, and once audited by auditors appointed by the Comptroller

and Auditor General, to submit to the Minister's Department the accounts  

together with the auditors' report. The Minister, in turn, must submit the  

accounts and auditor's report thereon to the Government.

Grant Assurance Statement from the JCRA  to the Minister

I hereby confirm that the JCRA has adhered to the terms and conditions of  the Grant received from the Department for competition law administration  and enforcement. The amount awarded by the Department during the year  ended 31 December 2025 was £717,000.

There are appropriate controls in place within the JCRA to ensure that  funds are being spent appropriately and that value for money is being  achieved, and the Grant was used for the purpose intended, which is for  the administration and enforcement of the Competition Jersey Law 2005.

I confirm that the total amount of grant funding used to fund competition  law administration and enforcement during the year ended 31 December  2025 was £823,155. The reserves position at the end of December 2025  was £128,062 of which £17,500 was committed costs associated with an  on-going investigation which continued into 2026.

Tim Ringsdore, Chief Executive Officer

Financial Statements

Jersey Competition Regulatory Authority

1. Independent Auditors' Report to the Members of Jersey Competition Regulatory Authority

INDEPENDENT AUDITORS' REPORT TO  Basis for opinion Other information

THE MEMBERS OF JERSEY  COMPETITION

REGULATORY AUTHORITY W(UeKc) o(nISd Au sc t(eUd Ko)'u) ra anudd aitp inp laiccacbolred laanwc. eO wurit hre Isnpteornnsaibtioilintiaels S utannddear rtdhso soen sAtaundditainr gd  s   TMhees sMaegme  bfreorms athree rCeshpaoir,n Csihbileef fEoxr ethceu toivthee'sr Rinefopromrta, tPioenrf,owrmhiacnhc ceo Rmepproisret sa nthde

are further described  in the Auditor's responsibilities for the audit of the nancial  Accountability Report. Our opinion on the nancial statements  does not cover the Opinion statements  section of this report. We are independent  of the Authority in  other information and we do not express  any form of assurance  conclusions thereon.

accordance  with the ethical requirements  that are relevant to our audit of the

We have audited the nancial statements  of Jersey Competition Regulatory  nancial statements  in Jersey,  including the FRC's Ethical Standard,  and we have  In connection with our audit of the nancial statements,  our responsibility is to read Authority (the "Authority"), which comprise the statement  of nancial position as  fullled our other ethical responsibilities in accordance  with these requirements.   the other information and, in doing so, consider whether the other information is

at 31 December  2025, and the statement  of comprehensive  income and retained  We believe that the audit evidence  we have obtained is sufcient and appropriate   materially inconsistent with the nancial statements  or our knowledge obtained in earnings for the year then ended,  and notes 1 to 15 to the nancial statements,   to provide a basis for our opinion. the audit or otherwise appears  to be materially misstated.  If we identify such material including a summary of signicant accounting  policies. The nancial reporting  inconsistencies  or apparent  material misstatements  of this other information, we are framework that has been applied in their preparation  is applicable  law and United  required to report that fact.

Kingdom Accounting Standards. Conclusions relating to going concern We have nothing to report in this regard.

In our opinion the nancial statements: In auditing the nancial statements,  we have concluded  that the Member's use of

the going concern basis of accounting  in the preparation  of the nancial statements  

• give a true and fair view of the state of affairs of the Authority as at 31 December   is appropriate.

2025 and of its results for the year then ended;

• have been properly prepared  in accordance  with United Kingdom Accounting  Bunacseerdta oinnt itehse rweolartkin wge t oh aevvee nptes rofor rcmoendd,i twioen sh athvaet ,n iontd iidveidnutialelyd o arn cyo mlleactteivrieally , may  Standards;  and cast signicant doubt on the Authority's ability to continue as a going concern for a